When they privately own cryptocurrencies, US federal employees are now prevented from working on guidelines and regulations that might impact the price of digital assets.
The US Office of Government Ethics issued a new legal notice on Tuesday stating that now the de minimis exemption is uniformly inapplicable when it relates to digital currencies and altcoins. This exemption normally permits holders of assets under a specific amount to engage in policy pertaining to that asset.
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The notice presented a hypothetical scenario in which a worker who owns only $100 of a particular virtual currency is invited to work on virtual currency regulation; the person cannot engage in regulatory work unless and until they relinquish their holdings in that virtual currency.
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The rule change extends to all federal employees, even those in the Treasury Department, the Federal Reserve, and the White House
The word “de minimis” is derived from a lengthier Latin phrase that means “the legislation is not concerned with trivial things.”
Is there any exception to this law?
The sole exception to the OGE’s cryptocurrency possession restrictions is that regulators are permitted to own up to $50,000 in collective funds that invest extensively in firms that would profit from cryptocurrency and blockchain technologies. This exception is granted since they are deemed diverse funds.
Although the apparent strict laws regarding employee participation in the cryptocurrency sector, the Government Will continue to integrate the crypto business, with US President Joe Biden proposing a “whole-of-government” framework for digital property regulations.
Raymond Shu, co-founder, and CEO of Cabital, says that new federal laws might end up making the United States among the few Western nations completely control and recognize cryptocurrency and other digital currencies as legitimate financial instruments.
As a result of Sen. Patrick Toomey’s efforts, the United States remains a worldwide powerhouse in adopting the cryptocurrency business, also with the White House at the vanguard of crypto legislation.
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